Home Equity

Credit reports and credit scores influence our lives in many ways. Your history of credit management can affect the cost of the credit you receive, your ability to rent or buy a home, the insurance rates you are offered, and even your future employment opportunities. Click here to begin understanding the world of credit reports to help create a positive credit standing that will allow you to achieve your goals quickly and inexpensively.

There are numerous benefits to owning your own home. Not only does it provide a place to live, where you can decorate as you want, but it also provides a source of wealth. Over time, most homes increase in value, and many homeowners use their gains for a whole host of purposes. Using your home’s equity can be a money-smart decision, but it is also a serious one that can have negative consequences if not done carefully. Click here for information that can help you make an informed choice.

There's so much you can do with the equity in your home!

Consolidate high-rate bills, make home improvements, buy a car, and pay tuition, with fast and easy financing –   Apply Online, 24/7. The interest paid on the portion of your loan or line exceeding your property's value is not tax deductible for Federal income tax purposes.  Please consult your tax advisor regarding the deductibility of interest.

"Extreme" Equity Credit Line ⁽¹⁾

• Lines subject to credit approval. 
• Click here for the current low introductory Annual Percentage Rate (APR) for new lines.  After six months, the APR adjusts to the current Prime rate as listed in the Money Rates section of the Wall Street Journal, plus or minus a margin based on individual credit circumstances, but never lower than 4% APR. ⁽²⁾
• No application fees, no closing costs, no annual fees. Certain states impose a Mortgage Recording tax at the time a mortgage is recorded and can vary from state, county and locality, and can range from $1 to $21.75 for each $1,000 of the approved credit line amount.  An early termination fee of $195 will apply for lines paid-off or cancelled within one year from being established. ⁽³⁾ 
• Borrow up to 85% of your home's value minus your first mortgage balance – up to $249,999.
• 25 year term helps lower monthly payments.
• Line can be accessed anytime.
• Click here for information from the Federal Reserve about what you should know about Home Equity Credit Lines.

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Home Equity Fixed Rate Loan ⁽¹⁾

• Loans subject to credit approval.
• No application fees, no closing costs, no annual fees. Certain states impose a Mortgage Recording tax at the time a mortgage is recorded and can vary from state, county and locality, and can range from $1 to $21.75 for each $1,000 of the approved loan amount. ⁽³⁾
• One-time advance loan.
• Fixed rate and monthly payments.
• Borrow up to 85% of your home's value minus your first mortgage balance – up to $249,999..
• Terms available from 5 to 20 years.

Apply 24/7             Check Rates

⁽¹⁾ Home Equity Loans and Credit Lines are not available in Puerto Rico and the states of Alaska, Hawaii and Texas.

⁽²⁾ The Annual Percentage Rate (APR) is based on individual credit circumstances, amount of equity in the subject property, Resource Rewards reward level rate reduction eligibility, and automatic payment deduction selection, and may increase after the Credit Line is established, but will never be lower than 4% or higher than the maximum allowed by the Federal Credit Union Act, which is currently 18%.  Six month introductory APR applies to new lines only and requires a $500 minimum draw.  Any existing Financial Resources Home Equity Credit Line previously receiving an introductory APR, that’s being financed in order to receive the new introductory six month APR, requires a $50,000 increase in the Credit Line amount, subject to approval, and requires that a fee of $195 be paid if the Home Equity Credit Line being refinanced has been open one year or less.

⁽³⁾    The states of AL, FL, GA, KS, the Orleans Parish of LA, MD, MN, NY, OK, TN, and VA impose a Mortgage Recording tax at the time the mortgage is recorded and can vary from state, county and locality, and can range from .10% to 2.175% of the approved loan or credit line amount, or $1 to $21.75 for each $1,000 of the approved loan or credit line amount.  If the subject property lies in any of these areas, you will be notified of this fee amount and your home equity loan or credit line will be advanced to satisfy the fee. An early termination fee of $195 will be imposed on Home Equity Credit Lines paid-off or cancelled within one year from the date the Home Equity Credit Line is established.